Seventy-two percent are concerned about their financial security in retirement, 54% say they will have to delay retirement due to inadequate savings, and 65% wish they had a better understanding of how much they will need to save for retirement. Forty percent say financial stress is causing health issues or loss of sleep.
“American workers across the board are concerned about their financial security in retirement, and they’re looking for help wherever they can get it, including from their employers and policymakers,” says Ann Kappler, deputy general counsel and head of external affairs at Prudential.
Twenty-seven percent have a second job, and 29% say daily expenses curtail their ability to save for retirement. Forty percent have cut back on retirement savings because of a financial issue.
On average, workers spend 3.6 hours a week managing personal financial issues while on the job, and 30% say financial stress has impacted their job performance.
Seventy-eight percent support Congressional legislation that would permit small businesses to join together to make it easier to offer retirement benefits to employees. If given the option, 56% would turn part of their retirement balance into guaranteed lifetime income payments. Seventy-six percent are in favor of requiring retirement plans to provide participants with estimates of their income in retirement.
Sixty-six percent said they are more likely to remain with an employer that understands their personal financial situation. Fifty-seven percent said they are more committed to employers that offer free financial education on key issues like retirement planning, and 58% said when they feel financially secure, they are more productive at work.
“The Retirement Enhancement and Savings Act contains several important provisions designed to increase access to workplace retirement plans, retirement planning information and lifetime income options,” Kappler says. “The bill has broad, bipartisan support among policymakers on Capitol Hill, as well as among retirement experts. And, as our survey shows, these sensible provisions are widely supported by those who would benefit the most: American workers.”
Morning Consult conducted the survey in April for Prudential Financial.